Simon Liang’s Sinopacific Shipbuilding Group (SSG) is getting a major boost with the takeover of sister company Sinopacific Offshore & Engineering (SOE) by Chinese state-owned manufacturer CIMC Enric.
Liang himself, through a holding company, stands to pocket the offshore yard’s entire net profit for a three-year period as a performance bonus.
“I think the deal is a fair one for both sides,” Liang told TradeWinds, although he declines to comment on how much of a CNY 500m earn-out he expects to achieve.
